Advertisement

We need your help now

Support from readers like you keeps The Journal open.

You are visiting us because we have something you value. Independent, unbiased news that tells the truth. Advertising revenue goes some way to support our mission, but this year it has not been enough.

If you've seen value in our reporting, please contribute what you can, so we can continue to produce accurate and meaningful journalism. For everyone who needs it.

BullionVault via Flickr
Commodities

Gold and silver touch all-time highs as currencies slip

The old reliable precious metals reach record high values, driven by concerns that the US debt could reach its legal limit.

THE PRICES OF precious metals like gold and silver have reached all-time record highs today, as investors opted to put their money into safer long-term investments while the value of currencies began to slide.

The price of gold increased by almost one per cent, reaching $1,514.20 (€1,034.48) per ounce at lunchtime, while silver rose by nearly five per cent to approach its all-time record at $48.35 (€33.13) per ounce.

Silver had briefly reached a record of $49.79, while gold had momentarily traded as high as $1,518.30.

“Everyone is buying,” a Hong Kong-based dealer told Reuters. “There is stop-loss buying, as well as a good buying interest from China.”

The BBC reports that the high values have come about as a result of investors seeking more stable options given the geopolitical uprisings in the Middle East, and given the return of significant inflation to the US and mainland Europe.

Without any obvious end in sight to either, analysts believe the prices could still continue to increase. Today’s increases mark the seventh consecutive day in which commodities have risen.

The value of currencies has also slipped given the inflation; the dollar this morning remained just off its three-year low against a weighted basket of major international currencies.

The price of gold has increased sixfold in the last ten years, while silver is now worth twelve times what it was in 2001.

Your Voice
Readers Comments
8
    Submit a report
    Please help us understand how this comment violates our community guidelines.
    Thank you for the feedback
    Your feedback has been sent to our team for review.